Home Breadcrumb caret Industry News Breadcrumb caret Industry Supreme Court dismisses ABCP appeal The Supreme Court of Canada has dismissed a challenge to the restructuring plan for the country’s frozen asset-backed commercial paper (ABCP) market, clearing the way for the restructuring of the $32 billion market. A collection of investors led by Jean Coutu Group had asked to court to hear their appeal, arguing the restructuring plan tabled […] By Jody White | September 19, 2008 | Last updated on September 19, 2008 1 min read The Supreme Court of Canada has dismissed a challenge to the restructuring plan for the country’s frozen asset-backed commercial paper (ABCP) market, clearing the way for the restructuring of the $32 billion market. A collection of investors led by Jean Coutu Group had asked to court to hear their appeal, arguing the restructuring plan tabled by a committee led by Toronto lawyer Purdy Crawford was unfair to mid-sized investors and would eliminate their right to sue for compensation. Roughly $32 billion of ABCP issued by special non-bank trusts has been frozen for more than a year. The recent market volatility in the U.S. had cast fresh doubt on the success of the restructuring plan, as credit tightens and banks struggle to raise cash. • • • Scrap Paper: A guide to the ABCP mess. Filed by Jody White, Benefits Canada, Jody.White@rci.rogers.com (09/19/08) Jody White Save Stroke 1 Print Group 8 Share LI logo